Engine Capital Management LLC boosted its position in shares of Conduent Inc. (NYSE:CNDT) by 36.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 75,000 shares of the company’s stock after acquiring an additional 20,000 shares during the quarter. Conduent accounts for approximately 0.9% of Engine Capital Management LLC’s investment portfolio, making the stock its 15th biggest position. Engine Capital Management LLC’s holdings in Conduent were worth $1,175,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in CNDT. Sei Investments Co. boosted its stake in shares of Conduent by 20.7% in the 2nd quarter. Sei Investments Co. now owns 14,787 shares of the company’s stock valued at $235,000 after buying an additional 2,533 shares during the period. Trexquant Investment LP purchased a new stake in Conduent during the second quarter worth approximately $204,000. Teacher Retirement System of Texas lifted its stake in Conduent by 0.7% during the second quarter. Teacher Retirement System of Texas now owns 13,816 shares of the company’s stock worth $220,000 after purchasing an additional 98 shares during the last quarter. First Mercantile Trust Co. lifted its stake in Conduent by 56.2% during the second quarter. First Mercantile Trust Co. now owns 14,845 shares of the company’s stock worth $237,000 after purchasing an additional 5,340 shares during the last quarter. Finally, Rhumbline Advisers lifted its stake in Conduent by 8.3% during the second quarter. Rhumbline Advisers now owns 179,102 shares of the company’s stock worth $2,855,000 after purchasing an additional 13,736 shares during the last quarter. Institutional investors own 88.68% of the company’s stock.
Several equities research analysts recently weighed in on CNDT shares. Cross Research upgraded Conduent from a “hold” rating to a “buy” rating in a research note on Tuesday, November 7th. SunTrust Banks restated a “buy” rating and set a $20.00 target price on shares of Conduent in a research note on Friday, November 10th. Zacks Investment Research upgraded Conduent from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a research note on Thursday, November 9th. Needham & Company LLC started coverage on Conduent in a research note on Wednesday, September 13th. They set a “hold” rating for the company. Finally, Cowen restated a “hold” rating on shares of Conduent in a research note on Friday, October 6th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have assigned a buy rating to the stock. Conduent has an average rating of “Hold” and an average price target of $18.43.
Conduent (NYSE:CNDT) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.22 EPS for the quarter, topping the consensus estimate of $0.21 by $0.01. The company had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.50 billion. Conduent had a positive return on equity of 5.45% and a negative net margin of 16.18%. The firm’s revenue was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.24 earnings per share. equities analysts expect that Conduent Inc. will post 0.81 EPS for the current year.
Conduent Incorporated is a provider of business process services, including transaction-intensive processing, analytics and automation services. The Company’s segments include Commercial Industries, Healthcare and Public Sector. The Commercial Industries segment provides business process services and customized solutions to clients in a range of industries (other than healthcare).
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